For Immediate Release

Kraft Heinz Canada Announces Agreement to Sell Its Natural Cheese Business to Parmalat

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PITTSBURGH & CHICAGO--(BUSINESS WIRE)--TheKraft Heinz Company announced today that it has entered into
a definitive agreement to sell its Canadian natural cheese business to
Parmalat for a purchase price of $1.62 billion CAD (approximately $1.23
billion USD at current FX rates). The agreement includes the sale of
natural cheese brands Cracker Barrel, P’tit Quebec and aMOOza!
in the Canadian market.The proposed transaction is expected to
close in the first half of 2019, subject to regulatory review and
approval.

“We’re excited about what this transaction means for our future growth
and business in Canada,” said Bernardo Hees, Chief Executive Officer of
Kraft Heinz. “We also believe Parmalat is uniquely positioned to advance
the natural cheese business given their experience and focus on the
dairy industry. At the same time, we can focus on the segments and
categories where we have stronger brand equity, competitive advantage
and greater growth prospects.”

Under the terms of the agreement, Kraft Heinz will sell its production
facility located in Ingleside, Ontario. Kraft Heinz Canada will also
transfer approximately 400 employees from that facility to Parmalat.

Kraft Heinz will continue to own and market its other cheese products,
including Philadelphia, Cheez Whiz and Kraft Singles,
which are processed in Mount Royal, Quebec, where Kraft Heinz Canada
employs approximately 900 employees. The Kraft Heinz Company remains
steadfast in its commitment to the Canadian market, illustrated by its
recent acquisition of the Vancouver-based Ethical Bean coffee
brand. Across Canada, Kraft Heinz currently employs approximately 2,000
employees in its facilities and thousands more, indirectly, through its
co-manufacturers.

The natural cheese business being sold contributed approximately $560
million CAD (approximately $427 million USD at current FX rates) to
Kraft Heinz’s net sales in 2017. Kraft Heinz expects to use transaction
proceeds primarily to pay down debt, with reduced interest expenses
expected to offset the majority of EPS dilution on a run-rate basis.

RBC Capital Markets served as exclusive financial advisor to Kraft Heinz
Canada for this transaction, while Fasken Martineau DuMoulin LLP served
as legal advisors.

About Kraft Heinz

The Kraft Heinz Company (NASDAQ: KHC) is the fifth-largest food and
beverage company in the world. A globally trusted producer of delicious
foods, The Kraft Heinz Company provides high quality, great taste and
nutrition for all eating occasions whether at home, in restaurants, or
on the go. The Company’s iconic brands include Kraft, Heinz,
ABC, Capri Sun, Classico, Jell-O, Kool-Aid, Lunchables, Maxwell
House, Ore-Ida, Oscar Mayer, Philadelphia, Planters, Plasmon, Quero,
Smart Ones and Velveeta. The Kraft Heinz Company is dedicated
to the sustainable health of our people, our planet and our Company. For
more information, visit www.kraftheinzcompany.com.

About Parmalat

The Parmalat Group is a global player in the production and distribution
of foods that are essential for everyday wellness: milk, dairy products
and fruit beverages, which generated revenues of more than 6.6 billion
euros in 2017. More than 26,000 people work at Parmalat’s facilities in
Europe, the Americas, Africa and Oceania. Parmalat S.p.A., the Group's
Parent Company, has been listed on the Italian Stock Exchange since
October 6, 2005.

With more than 130 years of brand heritage in the Canadian dairy
industry, Parmalat Canada is committed to producing great tasting,
nutritious dairy products and supporting the health and wellness of
Canadians through its iconic brands like Beatrice, Lactantia, Astro,
Black Diamond and Balderson.

This press release contains a number of forward-looking statements.
Words such as “expect,” “invest,” “grow,” “continue,” "commit,"
“expand,” “advance,” “focus,” “will,” and variations of such words and
similar future or conditional expressions are intended to identify
forward-looking statements. Examples of forward-looking statements
include, but are not limited to, statements regarding Kraft Heinz’s
plans, expected timing and benefits of the transaction, investment and
growth plans in the region, and impact of the sale. These
forward-looking statements are not guarantees of future performance and
are subject to a number of risks and uncertainties, many of which are
difficult to predict and beyond Kraft Heinz’s control.

Important factors that may affect Kraft Heinz’s business and operations
and that may cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, operating in
a highly competitive industry; changes in the retail landscape or the
loss of key retail customers; Kraft Heinz’s ability to maintain, extend
and expand its reputation and brand image; the impacts of Kraft Heinz’s
international operations; Kraft Heinz’s ability to leverage its brand
value to compete against retailer brands and other economy brands; Kraft
Heinz’s ability to predict, identify and interpret changes in consumer
preferences and demand; Kraft Heinz’s ability to drive revenue growth in
its key product categories, increase its market share or add products;
an impairment of the carrying value of goodwill or other
indefinite-lived intangible assets; volatility in commodity, energy and
other input costs; changes in the Kraft Heinz’s management team or other
key personnel; Kraft Heinz’s ability to realize the anticipated benefits
from its cost savings initiatives; changes in relationships with
significant customers and suppliers; the execution of Kraft Heinz’s
international expansion strategy; tax law changes or interpretations;
legal claims or other regulatory enforcement actions; product recalls or
product liability claims; unanticipated business disruptions; Kraft
Heinz’s ability to complete or realize the benefits from potential and
completed acquisitions, alliances, divestitures or joint ventures;
economic and political conditions in the United States and in various
other nations in which we operate; volatility of capital markets and
other macroeconomic factors; increased pension, labor and people-related
expenses; volatility in the market value of all or a portion of the
derivatives we use; exchange rate fluctuations; risks associated with
information technology and systems, including service interruptions,
misappropriation of data or breaches of security; Kraft Heinz’s ability
to protect intellectual property rights; impacts of natural events in
the locations in which we or our customers, suppliers or regulators
operate; Kraft Heinz’s indebtedness and ability to pay such
indebtedness; Kraft Heinz’s ownership structure; the impact of future
sales of Kraft Heinz’s common stock in the public markets; Kraft Heinz’s
ability to continue to pay a regular dividend; restatements of Kraft
Heinz’s consolidated financial statements; review of the transaction by
the Canadian Competition Bureau, or other agencies; and other factors.
For additional information on these and other factors that could affect
Kraft Heinz’s forward-looking statements, see Kraft Heinz’s risk
factors, as they may be amended from time to time, set forth in its
filings with the Securities and Exchange Commission. Kraft Heinz
disclaims and does not undertake any obligation to update or revise any
forward-looking statement in this press release, except as required by
applicable law or regulation.